Exum, who spent the last five years working from JP Morgan’s country risk management unit, will focus on the Middle East, Africa and Asia. Atanasov, who previously worked as a sovereign analyst at Moody’s, will cover Central and Eastern Europe.

Both will report to Sarah Glendon, hired late last year from Moody’s to oversee Gramercy’s sovereign research and focus on Latin America and the Caribbean. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)